Vocabulary - Logan Roach 3rd Vocabulary Vocabulary 1.1...

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Logan Roach 3 rd Vocabulary Vocabulary 1.1 Marketing – The process of developing, promoting, and distributing products to satisfy customers’ needs and wants Products – Include goods and services, both of which have monetary value and satisfy customers’ needs and wants Goods – The kinds of things you can touch or hold in your hand Services – The kinds of things you can’t physically touch Exchange – Takes place every time something is sold in the marketplace Vocabulary 1.2 Utility – The function of marketing add value Form Utility – involves changing raw materials or putting parts together to make them more useful Place Utility – Involves having a product where customers can buy it Time Utility – Is having a product available at a certain time of year or a convenient time of day Possession Utility – The exchange of a product for some monetary value Information Utility – Involves communication with the customer Vocabulary 2.1 Marketing Strategy – States that businesses must satisfy customers’ needs and wants in order to make a profit Customers – Buy the product Consumers – People who actually use the product Market – All potential customers who share common needs and wants, and who have the ability and willingness to buy the product are considered a market Target Marketing – Focusing all marketing decisions on a very specific group of people who you want to reach Customer Profile – Can include information about the target market regard to the age, income level, ethnic background, occupations, attitudes, lifestyle, or geographic residence of the targeted customer Marketing Mix – Comprises four basic marketing strategies, collectively known as the four Ps- product, place, price, and promotion
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Vocabulary 2.2 Market Segmentation – A way of analyzing a market by specific characteristics in order to create a target market
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Vocabulary - Logan Roach 3rd Vocabulary Vocabulary 1.1...

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